About LiveYpsi
The LiveYpsi Homebuyer Assistance Program helps the Ypsilanti community by encouraging eligible Eastern Michigan University (EMU) employees to purchase homes in the neighborhoods surrounding the University's main campus. Having eligible EMU employees reside in the area helps stabilize property values and encourages involvement in the community.
The LiveYpsi Program provides eligible employees of EMU and the EMU Foundation with a forgivable loan of either $5,000 or $10,000 (depending on the location of the property) to assist with the purchase of their primary residence in the City of Ypsilanti or in specific areas of Ypsilanti Township. 20% of the loan will be forgiven for each year the Participant meets all eligibility requirements, which include:
- Remain an eligible employee of EMU or the EMU Foundation
- Occupy the home as the primary residence
- Pay all applicable property taxes
At the end of a five-year period, 100% of the loan and all accrued interest will be forgiven.
Program Applications
Additional Resources
"As a new faculty member, I felt it was important that I make this community, not just the University, my home. The LiveYpsi program has been instrumental in making that possible." - Dr. Sarah Walsh, Associate Professor of Health Sciences
"Thanks to the LiveYpsi program, I was able to achieve the dream of home ownership in the community in which I believe. The process was simple and I am so grateful that the program exists for those who love EMU and Ypsilanti as much as I do!" - Betsy Stoelt, Social Work Therapist in the EMU Autism Collaborative Center
FAQ
Who is eligible for the LiveYpsi Program? Expand dropdownEligible employees are regular employees of Eastern Michigan University (EMU) or the EMU Foundation with an appointment of 50% or more.
An eligible employee purchasing an eligible property may receive a forgivable loan of $5,000 or $10,000 (depending on the location of the property) to assist with the purchase of the home. Eligible expenses include down payment, moving expenses, and renovations to the home.
How much of the loan is forgiven? Expand dropdownFor each year the employee complies with the Program terms (which include remaining an eligible employee, living in the eligible property, and timely paying property taxes), 20% of the loan is forgiven. After how many years is the entire loan forgiven? Expand dropdownAfter five years, the entire loan is forgiven, along with all accrued interest. When was the LiveYpsi Program created? Expand dropdownThe LiveYpsi Program was created in 2012 to assist employees of EMU to purchase a home in the City of Ypsilanti or parts of Ypsilanti Township. The program was expanded in 2013 to include eligible employees of the EMU Foundation, and expanded again in 2016 to include a broader geographic region in Ypsilanti Township. Who is the LiveYpsi Program funded by? Expand dropdownThe Program is funded by Eastern Michigan University and Washtenaw County, with seed funding provided by DTE Foundation.
The LiveYpsi Homebuyer Assistance Program is administered by Eastern Michigan University (EMU) with funding from EMU and Washtenaw County, and is subject to the availability of funds.